Quiz_________________?
-1st 30 days after coverage, community enters standard or emergency program, coverage
will begin at 12:01 am the date after application and premium were mailed
-When an existing policy was assigned to a property purchaser
-At 12:01 am on the 5th day after an endorsement request & premium has been mailed for
existing policy -
ANSWER✅
What are the exceptions to the 30 day NFIP wait period?
Quiz_________________?
-Apply reinsurance for its members
-Cause property policies to be issued to applicants
-Cede or abandon insurance -
ANSWER✅
What things does the FAIR plan have the authority to do ?
Quiz_________________?
1
, -community land management & flood control programs must reduce flood losses in the
future
-Flood insurance required in specific flood prone areas as a condition for receiving loans
through/ backed by the federal government
-Property owners that fail to purchase flood insurance within 1 year after it is available will
not be eligible for full disaster relief funding. It will be reduced by an amount of insurance
that could have been purchased -
ANSWER✅
What are the 3 NFIP requirements for coverage?
Quiz_________________?
-copy of NJ producer's license
-tax payer ID# & W-9 cert -
ANSWER✅
What info is required for registration w the NJIUA?
Quiz_________________?
-Landslides
-Sewer backup
-Windblown Rain
-Snow
-Sleet -
ANSWER✅
What losses are excluded from flood insurance?
Quiz_________________?
$ amount a policy will cover each year -
2
, ANSWER✅
If an insurance policy has an annual aggregate limit, what would be predetermined?
Quiz_________________?
$1, 500,000 -
ANSWER✅
What is the maximum amount of insurance a FAIR plan policy could purchase?
Quiz_________________?
$1,000 -
ANSWER✅
Coverage F- medical payments to others contains a basic limit of which amount?
Quiz_________________?
$1,000 -
ANSWER✅
What is the fine for unintentionally violating an insurance law?
Quiz_________________?
$1,000 -
ANSWER✅
What is the HO-8 limit on worldwide coverage?
3
, Quiz_________________?
$10,000 -
ANSWER✅
A producer writing business with a MAIF is required to have a bond with a penalty in the
amount of...
Quiz_________________?
$10,000 -
ANSWER✅
What is the pollutant cleanup & removal coverage limit in a BOP?
Quiz_________________?
$100 -
ANSWER✅
The Worker's comp rating is developed by applying a rating bureau job classification rate to
each $_____ of payroll
Quiz_________________?
$100 for each contract -
ANSWER✅
What is the fine for not maintaining an office address or employment contracts on file with
the department?
Quiz_________________?
$100,000 -
4
-1st 30 days after coverage, community enters standard or emergency program, coverage
will begin at 12:01 am the date after application and premium were mailed
-When an existing policy was assigned to a property purchaser
-At 12:01 am on the 5th day after an endorsement request & premium has been mailed for
existing policy -
ANSWER✅
What are the exceptions to the 30 day NFIP wait period?
Quiz_________________?
-Apply reinsurance for its members
-Cause property policies to be issued to applicants
-Cede or abandon insurance -
ANSWER✅
What things does the FAIR plan have the authority to do ?
Quiz_________________?
1
, -community land management & flood control programs must reduce flood losses in the
future
-Flood insurance required in specific flood prone areas as a condition for receiving loans
through/ backed by the federal government
-Property owners that fail to purchase flood insurance within 1 year after it is available will
not be eligible for full disaster relief funding. It will be reduced by an amount of insurance
that could have been purchased -
ANSWER✅
What are the 3 NFIP requirements for coverage?
Quiz_________________?
-copy of NJ producer's license
-tax payer ID# & W-9 cert -
ANSWER✅
What info is required for registration w the NJIUA?
Quiz_________________?
-Landslides
-Sewer backup
-Windblown Rain
-Snow
-Sleet -
ANSWER✅
What losses are excluded from flood insurance?
Quiz_________________?
$ amount a policy will cover each year -
2
, ANSWER✅
If an insurance policy has an annual aggregate limit, what would be predetermined?
Quiz_________________?
$1, 500,000 -
ANSWER✅
What is the maximum amount of insurance a FAIR plan policy could purchase?
Quiz_________________?
$1,000 -
ANSWER✅
Coverage F- medical payments to others contains a basic limit of which amount?
Quiz_________________?
$1,000 -
ANSWER✅
What is the fine for unintentionally violating an insurance law?
Quiz_________________?
$1,000 -
ANSWER✅
What is the HO-8 limit on worldwide coverage?
3
, Quiz_________________?
$10,000 -
ANSWER✅
A producer writing business with a MAIF is required to have a bond with a penalty in the
amount of...
Quiz_________________?
$10,000 -
ANSWER✅
What is the pollutant cleanup & removal coverage limit in a BOP?
Quiz_________________?
$100 -
ANSWER✅
The Worker's comp rating is developed by applying a rating bureau job classification rate to
each $_____ of payroll
Quiz_________________?
$100 for each contract -
ANSWER✅
What is the fine for not maintaining an office address or employment contracts on file with
the department?
Quiz_________________?
$100,000 -
4
